Onchain derivatives fuel DeFi’s resurgence, with daily volumes reaching $5 billion amid rising competition.
Following a relatively modest 2023, the decentralized finance (DeFi) market experienced a remarkable resurgence during the first half of 2024.
As of Aug. 16, the total value locked (TVL) within the ecosystem stands at $82.67 billion, up from $54.4 billion at the beginning of the year — representing a robust growth of 51.9%.
One of the primary drivers behind this substantial uptick has been the growing adoption of onchain derivatives. In fact, since the beginning of the year, the average daily trading volume for crypto derivatives has skyrocketed from $1.8 billion in 2023 to $5 billion.
